Strong equity markets and a recovery in house prices boosted net wealth in 2Q23, leaving it $37.6tn above pre-pandemic levels. This should be a solid base to withstand economic headwinds, but the data tells us nothing about who holds the wealth. The concern is that lower income households are experiencing financial stress and a consumer slowdown is coming. Wealth gains led by stocks and housing: The net wealth held by US households increased by $5.5tn in the second quarter, according to data released by the Federal Reserve. The total value of assets held by the household sector rose to $174.4tn while liabilities rose ... (full story)